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Govt steps up efforts on Swiss money

HT Correspondent, Hindustan Times  New Delhi, August 28, 2009
First Published: 22:50 IST(28/8/2009) | Last Updated: 22:53 IST(28/8/2009)

The government has finalised the dates for renegotiation to broaden the scope of existing treaties with Switzerland and Belgium as authorities stepped up efforts to bring back money allegedly stashed illegally in foreign banks.


“A letter has also been written to Germany for renegotiations through the ministry of external affairs,” a senior government official, who did not wish to be identified, said.

The government has also prepared a list of countries for inking tax information exchange agreements (TIEAs) and a model TIEA is in the last stage of finalisation.

“The Income Tax Act, 1961 has been amended through Finance Act, 2009 with a new formulation which will enable the government to enter into tax agreements with non-sovereign jurisdiction,” the official said.

Options for domestic measures to obtain information on bank accounts maintained abroad by Indian citizens is also underway, the official said.

Meanwhile, Finance minister Pranab Mukherjee on Friday expressed optimism that it would be possible to clock over 6 per cent growth rate in the current fiscal and said there was no need to for anxiety in pursuing reforms in financial sector and disinvestment.

“Reforms are a continuous process. It is going in the right direction. There is no scope for anxiety about pursuing financial sector reforms,” he said.

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